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Commercial Property

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Austin Commercial Property



Commercial Real Estate




 



Commercial Real Estate


Austin, TX Market Trends




Feb 12
 vs. 3 mo. prior
 Y-O-Y 
 $42,072.11-1.1%-6.1% 
 $77,225.32+6.2%+9.3% 
 $87,691.37+11.3%+12.8% 
$89,829.85+12.2%+11.6%












-


State



-


Metro



-


County



-


City







Asking prices for multifamily properties have risen 6.4% versus the end of last quarter to $77,225 per unit. For the year, asking prices have risen by 9.3%. Asking prices for multifamily properties hit a three-year peak in June 2008 at $88,656 per unit. In comparison, the current median asking price is down by 24%. The lowest asking price in the past three years was $62,165 set in January 2006.



 









Commercial Real Estate


Austin, TX Market Trends









Feb 12
vs. 3 mo. prior
Y-O-Y






-

State		
$110.71
-0.7%
-3.1%






-

Metro		
$153.32
-1.5%
-2.8%






-

County		
$161.08
-2.7%
-6.8%






-

City		
$164.72
-2.4%
-7.3%





For office properties in the metro area for the month, the average asking price was $153.32 per square foot. This is down 2.8% from the previous year, and down 1.4% from the end of the fourth quarter of 2011. Asking prices for office properties reached a three-year high in April 2008 at $172.69 per square foot. The current median asking price is 8.1% lower. The lowest asking price in the past three years was $141.82 set in December 2005.




 



Commercial Real Estate


Austin, TX Market Trends


Feb 12
 vs. 3 mo. prior
 Y-O-Y 
 $116.54+0.8%+1.6% 
 $168.47+1.2%+3.0% 
 $194.67+1.6%+6.0% 
$204.62+2.3%+3.7%












-


State



-


Metro



-


County



-


City







Asking prices for retail properties have gone up from the end of last quarter, rising 2.3% to $168.47 per square foot. Asking prices rose 3% over the past year. In February 2008, the asking prices for retail properties were at their highest in the past three years at $214.58 per square foot. In comparison, the median asking price is now 6.5% lower. The lowest asking price over the past three years was $163.62 in February 2011.









Commercial Real Estate


Austin, TX Market Trends









Feb 12
vs. 3 mo. prior
Y-O-Y






-

State		
$55,331.08
-1.9%
+5.2%






-

Metro		
$76,487.57
+2.0%
+8.3%





Sale prices for multifamily properties in the metro area appear to have a seasonal cylce to them. The highs in the cycle tend to occur around August and the lows come around February. Over the past year sale prices have risen 8.3% to $76,487 per unit. For the previous 12 months, sale prices have increased by 8.3%. The highest median price of the past three years was set in April 2009 at $87,035. In comparison, the median sale price is now 12.1% lower. However, the current price is 12.4% higher than the May 2011 figure, which was the three-year low.




 



Commercial Real Estate


Austin, TX Market Trends


Feb 12
 vs. 3 mo. prior
 Y-O-Y 
15+1.3%-23.2%












-


Metro







This is the second straight month of month-over-month decline in total dollar volume for multifamily properties available in the metro area. The metro area has seen a decline of 23.2% in total dollar volume of multifamily properties available in the last year.









Commercial Real Estate


Austin, TX Market Trends









Feb 12
vs. 3 mo. prior
Y-O-Y






-

Metro		
43
+3.1%
+10.4%





For nine consecutive months, total dollar volume for office properties available has been on the rise month-over-month. The total dollar volume of office properties available in the metro area marks a 10.4% rise in the past year.




 



Commercial Real Estate


Austin, TX Market Trends


Feb 12
 vs. 3 mo. prior
 Y-O-Y 
39-1.6%+5.9%












-


Metro







This is the second straight month of an upward climb in dollar volume month-over-month for retail properties in the metro area. The total dollar volume of retail properties available in the metro area has risen 5.9% over the past year.









Commercial Real Estate


Austin, TX Market Trends









Feb 12
vs. 3 mo. prior
Y-O-Y






-

Metro		
17
-5.4%
-31.2%





The number of multifamily properties available in the metro area has fallen seven months in a row month-over-month, declining 21.5% in that time. The number of multifamily properties available has fallen in February, reflecting a new three-year low in the Austin Metro Area. Last month marked the previous low. Over the past year, the number of multifamily properties available has dropped by 31.2% in the Austin Metro Area.




 



Commercial Real Estate


Austin, TX Market Trends


Feb 12
 vs. 3 mo. prior
 Y-O-Y 
59-1.4%-6.9%












-


Metro







There has been a six month drop in the number of office properties available month-over-month in the metro area, representing a 4.4% downward movement. There has been a 6.9% drop in available office properties over the past year in the Austin Metro Area.









Commercial Real Estate


Austin, TX Market Trends









Feb 12
vs. 3 mo. prior
Y-O-Y






-

Metro		
43
-3.1%
+2.0%





There has been a three month drop in the number of retail properties available in the metro area, a 3.5% fall, but this was not enough to offset the 2% upward trend seen in the past year.




 



Commercial Real Estate


Austin, TX Market Trends


Feb 12
 vs. 3 mo. prior
 Y-O-Y 
31+13.2%-11.3%












-


Metro







Interest in multifamily properties listed in the Austin Metro Area has increased this quarter, rising 12.3% since December 2011, 0.7 percentage points more than the 11.6% increase in the national average. However, the interest for multifamily properties listed fell 11.3% over the past year. The yearly change ranks the Austin Metro Area forty-third out of the top 48 metros.









Commercial Real Estate


Austin, TX Market Trends









Feb 12
vs. 3 mo. prior
Y-O-Y






-

Metro		
70
+21.1%
+20.5%





Interest on LoopNet for office properties listed in the Austin Metro Area market has risen 23.9% since December 2011, 11.2 percentage points more than the 12.7% increase in the national average. Similarly, demand rose 20.5% over the past year. The yearly change ranks the Austin Metro Area thirty-first out of the top 48 metros.




 



Commercial Real Estate


Austin, TX Market Trends


Feb 12
 vs. 3 mo. prior
 Y-O-Y 
48+4.9%+14.2%












-


Metro







Demand for retail properties spiked in the Austin Metro Area market, rising 6.2% since December 2011, seven percentage points less than the 13.1% increase in the national average. Demand for retail properties also increased by 14.2% over the past year. The yearly change ranks the Austin Metro Area thirty-eighth out of the top 48 metros.









Commercial Real Estate


Austin, TX Market Trends









Feb 12
vs. 3 mo. prior
Y-O-Y






-

Metro		
21
-23.7%
-18.7%





The number of units available for sale in the metro area is in a two month downward trend month-over-month for multifamily properties. A new three-year low in available units was reached during the month of February. Previously, in October 2011, the low mark was set. The number of units available for sale for multifamily properties in the metro area has fallen 18.7% over the past year. The drop in supply and the shorter time on market has caused prices to go up, and may continue to do so. A lack of supply also appears to be making the market more favorable for sellers, which could be why prices are going up.




 



Commercial Real Estate


Austin, TX Market Trends




Feb 12
 vs. 3 mo. prior
 Y-O-Y 
 142-3.3%-13.5% 
128-1.9%-14.9%












-


State



-


Metro







Multifamily properties in the Austin Metro Area stay on the market for 128 days, which is 14.9% shorter than last year. Over the same period, days on market in Texas overall have fallen by 13.5%. Compared with February 2010, when days on market was at its highest, they've now fallen 41.5%.



 









Commercial Real Estate


Austin, TX Market Trends











Feb 12
vs. 3 mo. prior
Y-O-Y






-

State		
213
-3.9%
-2.7%






-

Metro		
200
-4.7%
-7.5%





The time on market for office properties in the Austin Metro Area is 200 days, down by 7.5% from last year. Overall in Texas the time on market has dropped by 2.7% during the same time period. Compared with August 2009, when time on market was its shortest, it has climbed 39.9%.






 



Commercial Real Estate


Austin, TX Market Trends

Feb 12
 vs. 3 mo. prior
 Y-O-Y 
 112-4.1%-41.1% 
139-5.7%-17.1%












-


State



-


Metro







Retail properties in the Austin Metro Area are turning over faster than the same time last year, as the days on market slid 17.1% to 139 days. In Texas overall, the time on market fell even more as a percentage, by 41.1%, to 112. When put next to the highest days on market established in May 2011, it has now decreased 31.7%.



 




				
				

				
												
				

							
			
		

		
				
		

		
		

	








	









	

	


	

	
		
				
				
				
				
		
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Based on information from the Austin Board of REALTORS ® (alternatively, from ACTRIS) for the period through 6/18/13 5:19 PM PDT. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided “AS IS” and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.



Information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
This IDX solution is (c) Diverse Solutions 2013.